PhonePe has released its latest report on digital finance trends in India, dubbed PhonePe Pulse. The report reveals a number of key figures such as the total number of transactions during the quarter, the total number of registered users till date on the platform, the total value of all payments made on it during this quarter, average per transaction value and so on. The report also breaks down the data into granular sections including state-wise Transactions data during this period, user device demographics and more. The PhonePe Pulse report is available to download for all now, and also details comparative figures against the previous quarters, to track monthly or annual growth.
According to the report, PhonePe clocked over 394 crore transactions on its platform, with total payments value of over Rs 7.47 lakh crore. Of this figure, 174 crore were P2P transactions, or personal transfer of money, while close to 150 crore merchant payments were made. Recharges and bill payments accounted for 68.5 crore transactions, out of the total. This marks a 1.7x growth over last year, when PhonePe had clocked close to 145 crore transactions in Q2 2020.
In terms of users, PhonePe claims to have over 30.5 crore registered users on the platform so far. Among user smartphones, close to a quarter usage Xiaomi phones, followed by Samsung, Vivo, Oppo, Realme and Apple users. In comparison, the platform had 21.9 crore users one year ago, marking a growth of about 40 percent in its user base over the past year. These numbers also suggest that the number of transactions done on PhonePe by each user has also almost doubled – up from over six per quarter in Q2 2020, to 13 in Q2 2021.
The report further states that the top five cities for offline merchant transactions, which saw a steep, 3.13x growth on the platform over the past year, were Bangalore, Nashik, Aurangabad, Visakhapatnam and Rangareddy, outpacing a number of more metropolitan destinations. “The transactions in May 2021 showed a 4x growth over 2020 for this category. Online food delivery and online shopping are two of the biggest use cases for online payments and they both showed a similar usage pattern through the pandemic. Prepaid mobile recharge transactions grew by 25 percent in April-May 2020, and by 32 percent in April-May 2021, compared to Mar 2020 and 2021, respectively. Timely reminder notifications influencing customer behaviour made bill payment transactions grow by over 90 percent from May 2020 to 2021,” the report added.
For further granular data, the PhonePe Pulse report for Q2 2021 can be found here.
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